Feitian Yundong (06610) announced interim results. The profit for the period was 63.473 million yuan, a year-on-year decrease of 45.4%

According to the Zhitong Finance App, Feitian Yundong (06610) announced interim results for the six months ended June 30, 2024, with revenue of about 448 million yuan (RMB, same below), a year-on-year decrease of 25.2%; profit for the period was 63.473 million yuan, a year-on-year decrease of 45.4%; and a basic profit of 3.5 points per share.

In the first half of 2024, in the face of a difficult situation where domestic enterprise demand generally declined and the market economy lacked effective incentives, the company, on the one hand, actively expanded overseas markets to ensure the steady development of the B-side market, which mainly focused on AR/VR marketing services, overcame difficulties, insisted on being guided by technology research and development, guided by user needs, and standardized products as a knock on the door. It made significant breakthroughs and progress in the C-side market for live streaming for virtual people.

In order to give full play to the role of capital as a link, the company participated in the launch of the first industrial fund. The fund's main investment direction includes digital economy tracks such as “metaverse and artificial intelligence”, which is in line with the company's current business and development direction. In the future, the company will make full use of various capital methods, including investment, to build an XR and AIGC 3D content ecosystem and establish a “circle of friends” for the digital content industry. Furthermore, in order to adapt to the increasingly fierce competitive environment, the company attached great importance to building an organizational system and cultivating talent echelons, upgraded multiple business sub-sectors with a more market-based organizational structure and incentives, and launched a new “mission, vision, and values” during this period to promote team cohesion and overcome difficulties.